Hamptons Real Estate Market Weekly Overview
In the week ending December 24, 2024, the Hamptons experienced a notable downturn in real estate activity. Only eight properties went under contract, a significant drop from fifteen during the same week in 2023, reflecting a steep 47% decrease. The situation appears even graver when compared to the 2022 figures, which showed fourteen contracts, marking a 43% decline from this week’s performance.
Breaking down the recent contracts, the properties included:
– One exceeding $10 million
– One ranging from $3 to $5 million
– One priced between $2 and $3 million
– Four between $1 and $2 million
– One under $1 million
The dollar volume for these contracts totaled $27 million, a staggering 79% drop from last year’s $131 million in the same week. Notably, the 2022 volume was also recorded at $27 million, indicating no change from this year.
Meanwhile, the market welcomed eight new listings, which maintained the inventory at status quo. The new additions included:
– One over $20 million
– Three between $5 and $10 million
– One between $3 and $5 million
– Two between $2 and $3 million
– One under $1 million
As of December 31, 2024, the total inventory stood at 1,810 listings, comprised of 1,355 active and 455 in contract.
Hamptons Real Estate Market Faces Significant Decline: An In-Depth Analysis
Overview of the Hamptons Real Estate Market
The Hamptons real estate market is facing a challenging landscape as evidenced by recent data up to the end of December 2024. The week concluding on December 24 saw only eight properties go under contract, reflecting a dramatic 47% decrease from fifteen contracts during the same week last year. This downward trend is underscored by a stark comparison with 2022 where fourteen contracts were signed.
Detailed Breakdown of Property Contracts
In the recent batch of eight properties that went under contract, the following price distribution was noted:
– One property exceeding $10 million
– One property priced between $3 and $5 million
– One property within the $2 to $3 million range
– Four properties falling between $1 and $2 million
– One property under $1 million
The total dollar volume for these contracts reached $27 million, marking an astonishing 79% decrease from $131 million during the same week last year. Notably, the dollar volume was consistent with 2022, where it also stood at $27 million.
New Listings and Market Inventory
Despite the decrease in contracts, the Hamptons market welcomed eight new listings during the same week, keeping the inventory stable. The new properties introduced included:
– One listing over $20 million
– Three listings priced between $5 and $10 million
– One listing within the $3 to $5 million range
– Two listings falling between $2 and $3 million
– One listing under $1 million
As of December 31, 2024, the total inventory reflects 1,810 listings—comprising 1,355 active listings and 455 properties in contract.
Market Trends and Insights
The current downturn in the Hamptons real estate market suggests several potential trends and insights:
– Price Adjustments May Occur: Given the significant drop in contract activity and dollar volume, sellers may need to reconsider their pricing strategies to attract buyers.
– Luxury Market Resilience: While lower price ranges may be struggling, the presence of contracts over $10 million hints at some resilience in the luxury sector.
– Market Stabilization Efforts: The introduction of new listings could lead to a stabilization in inventory, provided that buyer interest increases in the upcoming months.
Limitations and Predictions
While the current landscape appears challenging, potential buyers might find opportunities, particularly in negotiations for lower-priced properties. However, if the trend of decreased real estate activity continues into 2025, a more substantial adjustment in property values could be anticipated.
Conclusion
The Hamptons real estate market is currently navigating through a significant decline, reflecting broader economic trends and perhaps changing preferences among buyers. As potential buyers and investors look toward 2025, observing how the market evolves will be critical to making informed decisions. For more information on the Hamptons real estate landscape, visit Hamptons.com.
